Posted: Thursday, June 21, 2018. 11:40 am CST.
By BBN Staff: Belize Electricity Limited (BEL) yesterday reported on its 2017 performance to shareholders at the company’s Annual General Meeting (AGM).
According to BEL, in 2017, customers experienced the lowest frequency of power outages in the history of the company following the introduction of technology to better identify potential failures, as well as rapidly detect, locate and isolate faults.
BEL says that through prudent and improved management, BEL also delivered exceptional returns to its shareholders with earnings of $17.8 million in 2017 while maintaining low electricity rates and reduced operating expenses.
The Board of Directors declared a dividend of $0.20 per share for shareholders at a total of $13.8 million.
“We are encouraged by our consistent performance, the market is evolving and to remain relevant, we are charting a new strategic direction that will continue to steer the company to a successful future, ” Chief Executive Officer, Jeffrey Locke told attendees.
BEL has commenced a countrywide series of stakeholder focus group sessions as part of its process to develop a new strategic direction to transform the company from an electric utility to an energy solutions provider offering more services to its valued customers.
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